In the European session, the main highlight is the SNB policy decision. The central bank is expected to keep interest rates steady and leave everything unchanged. This is most likely going to be a non-event.
In the American session, we get the final US Q2 GDP report, the US Durable Goods data and the US Jobless Claims. Goes without saying that the market will focus on just the Jobless Claims data.
Initial Claims are expected at 235K vs 231K prior, while Continuing Claims are seen at 1935K vs 1920K prior. The Fed was forced to cut rates solely because of the weakness in the labour market data. Therefore, labour market data is going to be the most important of all.
We will also hear from lots of Fed speakers today but the most important one will be Fed’s Williams as most of the others have already shared their opinions in the past couple of days.
Central bank speakers:
- 8:20 ET/12:20 GMT – Fed’s Goolsbee (neutral – voter)
- 9:00 ET/13:00 GMT – Fed’s Williams (neutral – voter)
- 9:00 ET/13:00 GMT – Fed’s Schmid (hawkish – voter)
- 10:00 ET/14:00 GMT – Fed’s Bowman (dovish – voter)
- 13:00 ET/17:00 GMT – Fed’s Barr (neutral – voter)
- 13:40 ET/17:40 GMT – Fed’s Logan (neutral – non voter)
- 15:30 ET/19:30 GMT – Fed’s Daly (neutral – non voter)
